Missing 6.8 million jobs.

• Nonfarm payrolls increased by 850,000 in June versus the estimate for 706,000.
• The unemployment rate unexpectedly rose to 5.9% versus the 5.6% estimate.
• Wages were up 0.3% for the month and 3.6% year over year, both in line with expectations.

Job growth leaped higher in June 2021, the U.S. Labor Department reported. Nonfarm payrolls increased 850,000 for the month, compared with the estimate of 706,000 and better than the upwardly revised 583,000 in May. The unemployment rate rose to 5.9% against the 5.6% expectation.

Currently, 6.8 million fewer jobs exist than before the pandemic. Millions of Americans have dropped out of the labor force.

Aside from ever-present concerns about pay and benefits, workers are particularly interested in jobs that allow them to work remotely at least some of the time. According to a Randstad survey of more than 1,200 people, 54 percent say they prefer a flexible work arrangement that doesn’t require them to be on-site full time.

Health and safety concerns are also very much on the minds of workers whose jobs require face-to-face interactions, the survey found.

The portion of the unemployed who have been out of work for six months or more rose.

Governors in 26 states have moved to end distribution of federal pandemic-related jobless benefits even though they are funded until September, arguing that the assistance — including a $300 weekly supplement — was discouraging people from returning to work.

The pandemic hit the leisure & hospitality industry hardest; thousands of small businesses had to close their doors.

June's jobs report reflects consumer confidence: people are going out again. In the past three months, food services & drinking places have gained 564,000 jobs. pic.twitter.com/umHN3WvtkL

— Secretary Marty Walsh (@SecMartyWalsh) July 2, 2021

References:

1. https://www.cnbc.com/2021/07/02/jobs-report-june-2021.html
2. https://www.nytimes.com/2021/07/02/business/economy/june-2021-jobs-report.html